NEW YORK, March 7 U.S. asset manager Van Eck
Global has filed with the Securities and Exchange Commission to
launch two gold and silver exchange-traded funds that will allow
investors to redeem their shares for physical precious metals.
The two new products will add to Van Eck's line-up of
commodities-focused ETFs, including its Gold Miners ETF
and the Junior Gold Miners ETF and mutual funds.
Van Eck filed its regulatory papers late on Monday.
While holdings of major silver ETFs have
hovered near all-time highs on strong interest by private
investors, gold ETF holdings have recently
fallen sharply due to a better global economic outlook.
Most precious metals ETFs do not allow their shareholders to
take physical delivery, and those that do often charge a higher
management fee to offset the extra costs related to physical
There are currently about 20 major global gold- and
silver-backed ETFs, and dozens other exchange-traded products
backed only by the good faith of banks and brokerages.
Similar to the proposed Van Eck ETFs, Canada's Sprott Inc
operates a basket of precious metals exchange-traded
funds that allow investors to redeem their shares for physical